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Foreclosure in Morton Grove : Real Estate Advice

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Activity 2
Tue May 3, 2016
Christine Benesa asked:
Hello,

Your website wrongfully has our home as in foreclosure and that is not the case. Please correct! We have saved our home, and interested parties should not contact a foreclosure…
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Sun Nov 15, 2009
Michael Michalak answered:
That's a hard thing to predict. There are two key factors in the Chicago market that will be affecting pricing. First, the area unemployment is above 10%. That has a huge affect on the area as those who are unemployed cannot purchase homes. Its not a coincidence that the national mortgage delinquency rate is also above 10%. If this number does not come down, you will probably not see home prices improving.

Second, property taxes were reassessed this year and some areas have gone up. I read in the Tribune that some areas of Garfield Park went up 40%. The rise in property taxes will have a negative affect on property pricing.
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